Mr. Harry Barr reports

METALQUEST MINING POSITIONS ITSELF FOR DISTRICT-SCALE GROWTH IN ONTARIO'S HIGH-IMPACT RING OF FIRE, JAMES BAY LOWLANDS, NORTHERN ONTARIO, CANADA

Metalquest Mining Inc. has provided an update on its developing interest in potential exploration opportunities within Ontario's Ring of Fire region, one of Canada's most promising mineral districts.

Chairman and chief executive officer Harry Barr stated: "Throughout my 40-plus years in the exploration industry, I have watched very closely the advancement of Ontario's Ring of Fire. When Premier Doug Ford announced that the province intends to designate the Ring of Fire as a special economic zone as quickly as possible, it became clear to us that it was in the best interest of the company and our shareholders to take a serious look at the region. Our management team has been studying this district for more than two decades, and, in recent months, we made the decision to begin examining a number of strategic properties for acquisition.

"At present, our technical team is evaluating several additional opportunities in the Ring of Fire located in the James Bay Lowlands region in Northern Ontario. With the province continuing to advance plans for an all-season access road, intended to connect the region to Ontario's existing highway network, the long-term development potential of this emerging mining district is becoming increasingly compelling."

Metalquest highlights:

• Metalquest's technical team has made a commitment to evaluate the prospective potential of the Ring of Fire.
• This critical mineral district is supported by robust historical data and a clear development pathway to build the road and necessary infrastructure to unlock the long-term value.
• Both the federal and Ontario provincial government are now behind the potential for this new mining district, which is located in the James Bay Lowlands region.
• Metalquest will apply the same early-engagement, transparency-focused and capacity-building first nation partnership model developed successfully at Metalquest's 100-per-cent-owned Lac Otelnuk project and Superior iron project in the province of Quebec.
• Metalquest has initiated a district-wide acquisition program and is actively reviewing multiple high-priority critical metal project opportunities.
• Ontario's announcement of a special economic zone (SEZ) for the Ring of Fire, together with the announcement that it plans to advance an all-season road, has created the strongest development signal in over a decade and opened a rare window for district-scale acquisitions. Metalquest's flagship property, the Lac Otelnuk (Lac O) high-purity iron project, is one of North America's largest undeveloped iron resource with a historical National Instrument 43-101 estimate.
• Metalquest is also developing its 100-per-cent interest in the Superior Iron (SI) project, located in the Labrador Trough in Quebec. The SI project differs from Lac O in that it is an exploration project, with previous exploration indicating the potential for additional iron occurrences. SI comprises 569 mineral claims totalling approximately 27,425 hectares (67,770 acres).

A new phase for the Ring of Fire

The Ring of Fire is one of the most significant emerging mining districts in North America, hosting a unique combination of high-grade nickel, copper, platinum group elements (PGEs), chromite, vanadium, gold and titanium-bearing ultramafics within a large Archean intrusive and volcanic complex.

Located in the James Bay Lowlands of Northern Ontario, the district spans more than 5,000 square kilometres and represents one of Canada's most concentrated clusters of undeveloped critical mineral deposits.

Since its discovery in the mid-2000s, more than $750-million has been spent on exploration and technical programs by major and junior operators, including Noront Resources, Cliffs Natural Resources, KWG Resources, Bold Ventures and Wyloo Metals.

This work includes hundreds of drill holes, multiple generations of airborne EM (electromagnetic) and magnetic surveys, ground IP (induced polarization) and gravity, metallurgical testing, engineering studies, and early-stage development planning.

The resulting technical database provides a highly validated foundation for renewed exploration.

A key catalyst for Metalquest's regional review is Wyloo Metals' 2015 acquisition and the fact that they appear poised to be the anchor operator in the district.

Wyloo's consolidation of the major deposits, including Eagle's Nest, one of Canada's highest-grade undeveloped nickel/copper/PGE systems, and the Black Thor/Black Label/Big Daddy chromite trend, representing some of the largest chromite resources in North America, signals that the Ring of Fire is shifting from a long-term concept to a strategically advancing development corridor. Wyloo's investment scale, technical depth and commitment to establishing a northern critical minerals supply chain provide strong validation that the district is entering a new phase of advancement.

This momentum directly contributed to Metalquest initiating a comprehensive review of the region and pursuing targeted acquisitions.

Metalquest's review integrates the extensive historical work completed by past operators, including Noront Resources, Cleveland-Cliffs, KWG Resources, Bold Ventures and multiple junior companies active from 2008 to the present. The company's technical team is currently reviewing previous exploration programs, which include drilling, airborne and ground geophysics, prospecting, engineering studies, and early-stage metallurgical work, in order to form a robust technical foundation for renewed exploration.

Government momentum and infrastructure advancements in the Ring of Fire

Strategically, the Ring of Fire is central to Canada's long-term critical minerals strategy. The region's nickel, copper, PGEs and chromite potentially supports electric vehicle manufacturing, stainless steel production and battery materials supply chains. Ontario is advancing a multicomponent access corridor consisting of the approximately 117-kilometre Northern Road Link, the approximately 117-kilometre Marten Falls community access road and the approximately 110-kilometre Webequie supply road, a combined infrastructure system designed to connect the Ring of Fire to the provincial highway network and southern processing hubs. This marks the strongest progress toward regional access since the district's discovery.

Premier Doug Ford reaffirmed Ontario's commitment to developing the Ring of Fire, stating that the province intends to designate the region as a special economic zone as quickly as possible.

This represents the clearest political and regulatory signal in more than a decade, that large-scale development in the Ring of Fire is now a provincial priority.

These commitments have reopened a rare entry window for companies positioned to participate in Canada's long-term critical minerals strategy.

With this infrastructure commitment, the proposed special economic zone (SEZ) designation, and the presence of Wyloo Metals as the dominant operator, the Ring of Fire is transitioning from a remote exploration camp into a strategically advancing development corridor. For companies entering the district today, the timing aligns with an exceptional combination of proven deposits, government momentum, open ground and long-term discovery potential across one of Canada's most important next-generation mining regions.

Qualified person

Dr. William Stone, PGeo (PGO No. 1569), an independent qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this press release. The qualified person has not completed sufficient work to verify the historical information presented, particularly with regard to assessment of potential for renewed exploration. However, the qualified person assumes that the historical exploration results were completed to industry-standard practices at the time and that the information provides an indication of exploration potential but may not be representative of expected results.

About Metalquest Mining Inc.

Metalquest Mining owns a 100 per cent of the Lac Otelnuk iron project (Lac O) and is now working to develop one of the largest, historical iron projects in North America. The Lac O project is located in Quebec's Labrador Trough and is approximately 165 kilometres by air northwest of the town of Schefferville and 1,200 kilometres northeast of Montreal by air. In early 2023, the Quebec government transferred the claims into Metalquest's name and management is accumulating a vast amount of technical data as approximately $120-million has been expended on the project to date. On Nov. 12, 2025, Metalquest announced acquisition of a significant new iron project to its portfolio, the Superior iron project, comprising of 569 claims encompassing 27,425 hectares.

Going forward, one of the company's primary objectives will be to continue to work with Naskapi First Nation of Kawawachikamach, with which Metalquest has an exploration and predevelopment agreement as of November, 2023. In June, 2025, Metalquest signed an agreement with AtkinsRealis, an engineering services and nuclear company with offices around the world, to conduct a comprehensive gap analysis of the historical 2015 feasibility study for the Lac O project. The new studies will identify areas requiring updates to align the historical 2015 feasibility study with current market dynamics, regulatory frameworks, engineering best practices and environmental standards. Metalquest's management is continuing to develop its in-house iron database to enable the company to attract financiers and producers to the iron industry for partnerships.

The company owns approximately 1.8 million shares and 2.5 million warrants of Canadian Copper Inc. and two NSR (net smelter return) royalties totalling 1 per cent in Murray Brook PEA-stage (preliminary economic assessment) zinc-polymetallic deposit, situated in the famous Bathurst mining district in New Brunswick in Eastern Canada. Canadian Copper has the right to purchase half of a 0.33-per-cent royalty for $1-million and must pay Metalquest a preproduction cash payment of $1-million after the project goes into production. Canadian Copper is currently completing an economics study with regard to processing the Murray Brook deposit at the Caribou processing complex and is currently exercising its option to buy the adjacent Caribou complex and start production as soon as it makes commercial sense.

Further to required early warning disclosure filed on SEDAR+ on July 31, 2025, New Age Metals Inc. received board and TSX Venture Exchange approvals to increase its ownership in Metalquest from 6.44 per cent to 19.05 per cent on a postconversion beneficial ownership basis. Undiluted, New Age Metals has increased its ownership in Metalquest from 6.44 per cent to 12.79 per cent. New Age Metals' investment continues to assist Metalquest with go-forward plan.

AtkinsRealis, an international engineering company, was contracted by Metalquest's management on June 25 and it has a mandate and the technical depth and northern project experience, which make it an ideal partner for the next phase of Lac Otelnuk. New Age Metals' investment will allow Metalquest to conclude a gap study, slated to be completed by the end of this year, and further high-level scoping studies.

We seek Safe Harbor.